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Arena Pharmaceuticals and Ildong Pharmaceutical Enter Into Co-Development and License Agreement for Temanogrel, a Novel Agent for Thrombotic Diseases
Date:11/28/2012

SAN DIEGO, Nov. 28, 2012 /PRNewswire/ -- Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) today announced that it has entered into a co-development and license agreement with Ildong Pharmaceutical Co., Ltd., for temanogrel, Arena's internally discovered inverse agonist of the serotonin 2A receptor. The agreement grants Ildong exclusive rights to commercialize temanogrel in South Korea for myocardial infarction, acute coronary syndrome, stroke, peripheral artery disease, and other cardiovascular diseases, subject to further development and regulatory approval of temanogrel. Initially, Ildong will be responsible for funding and conducting, under the direction of a joint steering committee, the next two planned clinical trials in this program: an additional Phase 1 trial in healthy volunteers and a Phase 2a proof-of-concept trial in patients.

"The Phase 1 trials Arena previously conducted support temanogrel's potential to treat a variety of conditions related to thrombosis through a novel mechanism that may provide advantages over currently available therapies," said Jack Lief, Arena's President and Chief Executive Officer. "A successful product in this category has the potential to serve as an important treatment option for many patients, and this collaboration with Ildong enables us to resume clinical development in a cost-effective manner."

Arena will maintain ownership of temanogrel outside of South Korea, and has the rights to use data generated by Ildong for the development and potential commercialization of temanogrel outside of South Korea by Arena or other Arena licensees. In addition, Ildong has agreed to pay Arena a $2 million development milestone if the planned additional Phase 1 and Phase 2a clinical trials conducted by Ildong support continued development and Arena or another Arena licensee initiates a Phase 2b clinical trial of temanogrel. Arena is also el
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SOURCE Arena Pharmaceuticals, Inc.
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